Madrid Olympic bid organizers said that hosting the 2020 Olympic Games in Madrid would provide a €3.87B ($5B) boost to the Spanish economy and generate 83,000 full-time jobs, according to the AFP. On the second day of an inspection visit by the IOC's evaluation commission, Madrid bid committee member Juan Antonio Samaranch said, "Organizing the Games would also generate a positive impact on citizens' welfare estimated at over 800 million dollars." Samaranch added that with 28 of the 35 proposed venues already completed, the cost of building and refurbishing venues for the Games would amount to around €1.5B ($1.95B), "far lower than the price tag for the London 2012 Olympics and the 2016 Olympics in Rio de Janeiro." He said, "The London Games were based on the concept of the reconstruction of the East End. That is great for them. But Madrid's bid is very different. The investment has already been made, now is the time for it to bear fruit." Spanish officials are hoping for a repeat of Barcelona's successful staging of the 1992 Olympics, which were "a huge boost to the city's stature as a tourist hot spot and helped promote the country internationally." Industry Minister Jose Manuel Soria said, "The Olympic Games would be good for all of Spain, not just for Madrid" (AFP, 3/20).